North Carolina Down Payment Support Programs

Payments Gateway - The North Carolina Housing Finance Agency has two excellent plans for first-time Home Buyers. These programs would be the deposit Assistance Program along with the Mortgage Credit Certificate.

Should you meet the requirements for one of those programs and you also purchase a house between December 1, 2009 and January 1, 2009, it is also possible to qualify for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? There is a first-time Home Buyer someone who hasn't owned a home in the prior three years. Here is exactly the same qualifying definition.

A Mortgage Credit Certificate (MCC) is a national tax credit to assist home buyers with low and moderate incomes. An MCC “reduces your tax liability according to a portion of the mortgage interest that you pay.

If you qualify for the MCC, you can claim 20% of the interest you pay as a credit in your federal income taxes on your mortgage. It's possible for you to save as much as .

You'll manage to join this with the $8,000 tax credit if you do qualify for 2009. This may reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Household income means the “gross income of the mortgagor and any man anticipated to reside in the home who is 18 years old or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limitations 1 Person $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Men $70,500

MCC Sales Price Limitations New Home $220,000 Existing Dwelling $210,000

The buyer just needs to pay and the load would pay around .

This plan has more rigorous income limitations than the MCC plan summarized above. Like the MCC program, it may be used in conjunction with the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The deposit help, nonetheless, can't be utilized in combination with the MCC. This is an either or situation.

The income and house price limitations Durham and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Person $39,950 2 Persons $45,650 3 Men $51,350 4 Individuals $57,050

Down Payment Assistance Sales Cost Limits New Home $210,000 Existing Home $210,000